Anonymous matter description: Successful dismissal of scores of foreclosure challenge lawsuits arising from the U.S. foreclosure crisis in both federal and state courts. Our representations in these suits helped shape the legal landscape for real estate foreclosures in the Commonwealth of Virginia.

Representation of a Fortune 200 bank in the defense of a class action alleging violation of state consumer finance statute and breach of contract based on same violation. Plaintiff alleges that defendant violated Maryland’s Credit Grantor Closed End Credit provisions (“CLEC”) by failing to provide borrowers with the appropriate post-repossession sale notice.

Representation of a leading developer, producer, distributor and marketer of Broadway theatre worldwide in a claim seeking millions of dollars in damages relating to monies earned in past performances. After extensive briefing, our motion to dismiss was granted. Though the paintiff appealed to the Court of Appeals for the Second Circuit, we were able to convince plaintiff's counsel to drop our client from the appeal.

Representation of Fortune 100 financial institution in a putative class action lawsuit purporting to bring claims for violation of government consent order on foreclosure process issues. Following oral argument, the judge granted a demurrer we filed on behalf of the institution, and dismissed both the third party complaint and a related counterclaim in their entirety, with prejudice.

Representation of a Fortune 100 financial institution when a group of more than 40 plaintiffs sued the entities that originated their mortgages, seeking rescission of those mortgages. Plaintiffs advanced a novel claim challenging the sale or transfer of servicing rights premised on the argument that when they entered into their mortgages, they did not know that the servicing rights to those mortgages could be sold to other entities. Defendants pointed to the numerous documents that the plaintiffs signed during the mortgage process, which clearly indicated the servicing rights to their mortgages could be sold or transferred. The district court dismissed the claims with prejudice and without leave to amend. The plaintiffs appealed arguing that they plausibly stated a claim for rescission. The Tenth Circuit agreed and found that the plaintiffs had failed to state a plausible claim.

Borrowers sought to vacate a final judgment of foreclosure that favored our client, a Fortune 100 financial institution, on the grounds of excusable neglect. The case went upon appeal to the Florida Third District Court of Appeals. We received a per curium affirmance in favor of our client following oral argument.

Representation of a Fortune 100 financial institution including more than a dozen class actions across the country arising from the mortgage foreclosure crisis. The firm also represents the institution in related shareholder litigation and state and federal investigations.

Currently defending a Fortune 200 bank against class action lawsuit alleging that defendant’s change in terms to customers’ annual percentage rates violated the implied duty of good faith and fair dealing and other common law causes of action.

In an 8–1 decision, the United States Supreme Court this week ruled in favor of firm client CompuCredit Corporation, upholding the enforceability of a contractual arbitration clause in a credit card agreement. A team of McGuireWoods attorneys served as lead counsel for CompuCredit in the district court and before the U.S. Court of Appeals for the Ninth Circuit, and associated with O’Melveny & Myers and Kirkland & Ellis in Washington, D.C., for the Supreme Court appeal.

Obtained a writ of certiorari from the U.S. Supreme Court on behalf of a leading credit card marketer/servicer, on the issue of whether claims brought under the federal Credit Repair Organizations Act ("CROA") can be forced to arbitration pursuant to a contractual arbitration clause.

Effectively defended Fortune 200 bank against class action alleging that the issuer’s denials of credit increase requests violated the Equal Credit Opportunity Act. After a motion to stay litigation and compel arbitration of the matter on an individual basis, the plaintiff agreed to withdraw the lawsuit.

Representation of Fortune 200 bank in the defense of a class action alleging violation of state consumer finance statute and breach of contract based on same violation. Plaintiff alleges that defendant violated Maryland’s Credit Grantor Closed End Credit provisions (“CLEC”) by financing non-conforming GAP Agreements with the retail installment sales contract. Plaintiff alleged that the GAP Agreements did not provide, or did not in fact, waive the remaining loan balance on borrowers’ accounts who suffered a total loss. We favorably settled the matter for $3 million dollars after receiving a demand from plaintiff in excess of $30 million.